Can Blender make a timelapse video?
The built-in Screencast tool is configurable such that you only get one frame every few seconds... or minutes. 

From the docs:


  The default settings will generate a screencast consisting of a series of PNG images captured every 50 ms... The FPS for video Screencasts and time between each Screenshot for an image series Screencast can be set from the System panel of the User Preferences window.


If you're wanting a fixed-position shot of the current state of your model, though, this won't work. It'll just take a screenshot of whatever your Blender screen looks like at that moment.